How to Sell Bitcoin in Four Simple Steps

Education Jun 03, 2020

Selling bitcoin (BTC) for the first time can be a scary exercise. Once you hit the send button in your wallet, how do you know whether your funds are on its way? How long will it take for my funds to arrive? How can I see when my fiat currency is on its way to my bank account? To alleviate these issues Safello has created a safe and simple selling process. Let's have a look at the four simple steps.

  1. Type in the amount you would like to sell for in bitcoins or your local currency.
  2. Verify your identity and select your bank account.
  3. Send your cryptocurrency to your QR code.
  4. Follow the process on our tracking page until your money arrives!

Type in the amount you would like to sell for in bitcoin (BTC) or your local currency

To start, you type in the amount that you would like to sell for in your local currency (SEK/EUR) or Bitcoin (BTC). As you type you will see a real-time calculation of your fee and the current bitcoin price.

Screenshot of a 500 SEK sell order or 0.005419 BTC at the time of writing

Verify your identity and select your bank account

In the next step you will see how much you are selling for on top of the screen. Below it you are requested to verify your identity. This is required to ensure we are sending the funds to you, the customer. As opposed to for instance a fraudster or somebody who gained access to your wallet.

For this verification process we use BankID, a citizen & resident identification solution that allows companies, banks and governments agencies to authenticate and conclude agreements with individuals over the Internet. It's the most popular way to identify yourself in Sweden. Contact your bank to set it up in case you don't have it yet!

Next you tell Safello what bank account your money should go to. We have integrated with Open Banking platform Tink to make this a super smooth experience. And, in case you have already connected your account before, you simply select one of your connected accounts as demonstrated in the image below.

Screenshot of the bank selection screen (bank number redacted)

Send your cryptocurrency to your QR code

With you bank account connected, it is time to send your cryptocurrency. In the screenshot below you are requested to send 0.0054227 BTC to fulfill the order of 500 SEK. If you have a wallet with a QR code reader you can scan the code and hit "send". Otherwise, we made it easy for you to copy the bitcoin address by simply clicking on the "copy address" button. In that case you do need to put in the amount you are selling manually into your wallet.

Follow your order on our tracking page until your money arrives!

Once you have sent your funds you can visit our tracking page to follow your order. Simply type in the order number you received in the last step or in your inbox and type it in the field.

Screenshot of order input field on https://safello.com/order/

Now you will see all the details of the transaction like the amount of bitcoin (BTC) you sent, the amount we sent to your bank account and the status of the order. In the screenshot below the payment was received (your cryptocurrency), we converted it to your local currency (from 0.0077769 btc to 499.76 SEK) and we have sent the money along to your bank account.

Screenshot of Safello order tracking page https://safello.com/order/

Now that your order is complete, you can save your order receipt in PDF form. This can be helpful to show your accountant or to generally keep track of your buy and selling history.

PRO Tip: If you log into Safello (https://app.safello.com/) you can see your entire order history and download it in CSV format as well.

First time buyer of bitcoin?

The bitcoin world is as exciting as it is big. At Safello, we place great importance on secure systems and transparent transactions which comply with all EU regulations and laws on money laundering. Since 2013 we are a  Swedish regulated cryptocurrency exchange and we make sure every purchase runs smoothly. Visit our customer support section to learn more.

Frank Schuil

CEO & co-founder Safello.

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